Core-Mark Holding Company Inc. (NASDAQ:CORE) triumphed on revealing more of its financial workings Monday.
The Westlake, Texas-based Core-Mark, one of the largest marketers of fresh, food and broad-line supply solutions to the convenience retail industry in North America, announced financial results for the fourth quarter and year ended December 31, 2019.
Net sales increased 1.6% in the fourth-quarter to $4.2 billion on non-cigarette sales growth of 5.4%. Net income increased 33.9% to $16.2 Million. Adjusted EBITDA (Non-GAAP) increased 23.8% to $48.3 Million.
For the full fiscal year, CORE Net Sales increased 1.7% to $16.7 Billion on non-cigarette sales growth of 6.6%. Net income increased 26.8% to $57.7 Million Adjusted EBITDA (Non-GAAP) increased 15.8% to $190.7 Million.
Said CEO Scott McPherson, "Our results in 2019 reflect successful execution of our key strategic priorities, including non-cigarette sales growth, margin expansion and cost leverage.
"I am pleased with our performance in 2019 and positioning as we enter 2020. We are focused on generating quality revenue growth, continued margin expansion, along with leveraging our cost structure and strong balance sheet to bring meaningful returns to our shareholders.”
Core-Mark has declared a cash dividend of $0.12 per common share.
The dividend is payable on March 27, to stockholders of record as of the close of business on March 16.
The Company expects 2020 net sales to be between $16.9 billion and $17.1 billion. Adjusted EBITDA is expected to be between $190 million and $200 million. This guidance assumes $20 million in cigarette inventory holding gains and does not include any other significant holding gains.
CORE shares hiked $2.20, or 9.5%, to $25.21 early Monday morning.
